City bonuses on the increase

Professionals working in the City appear to have sidestepped the credit crunch, as many received a larger bonus than in 2007.

Graduates considering a career in the financial industry maybe glad to her that new research by recruitment firm Morgan McKinley has found that some 37 per cent of financial professionals received higher bonuses this year, according to Personneltoday.

Around 43 per cent received approximately the same as last year, while seven out of ten staff stated that their payouts matched or were more than they expected, the report continues.

Robert Thesiger, chief executive of Morgan McKinley's parent company Imprint, noted that there head been much anticipation around the bonuses, given the current financial climate.

He commented: "However, putting the impact of the credit crunch aside, 2007 was a strong year for financial services. For the majority, bonus payouts in middle and back office functions appear to reflect this."